Increasing inflation in the “developing world, especially Asia” is putting cheap imports for Americans at risk. But this time around may be different as “first, developing countries now produce nearly half of all American imports. Second, inflation in these countries is coming at the same time that many of their currencies are rising against the dollar,” according to The New York Times.
Futures have indicated a slower day for Wall Street “after disappointing news from Alcoa and Advanced Micro Devices heightened fears about sharply reduced corporate profits in light of the global slowdown,” according to The Wall Street Journal.
After six years at the U.K. telecom company, Ben Verwaayen will step down as CEO of BT at the end of May to be replaced by Ian Livingston, the current head of BT retail. “The move follows a period when BT’s business and share price have performed poorly and comes just over six months after Sir Michael Rake took over from Sir Christopher Bland as chairman,” reports the Financial Times.
Even though the Dow Jones had jumped about 125 points at one point on Monday, it closed up only 3.01 points thanks to aluminum maker Alcoa’s drop. In regard to the stock market as a whole yesterday, Art Hogan, chief market analyst with Jeffries said, "What a waste of time! … We could have just not opened at all," reports The Street.
Oil prices surged again, and “a barrel of U.S. light crude oil hit a new all-time high of $98.62 this morning, having reached $97.07 in fevered trading yesterday,” according to The Guardian. The dollar fell to a new low against the pound in London’s morning trading.
“Investment bank Merrill Lynch & Co Inc … does not plan to raise more capital and will continue to shrink its balance sheet amid the global credit crunch, Chief Executive John Thain said on Tuesday,” Reuters reports.
The opposition in Zimbabwe has charged pro-government militants with beating up at least 80 “Zimbabwean opposition activists,” reports the BBC. “The reports of violence coincide with the invasion of at least 18 white-owned farms by so-called ‘war veterans,’” the BBC writes.
"Although talk of Iran has subsided somewhat, a French author has taken the prospect seriously enough to devote a whole book to a chilling, highly detailed look at how it might play out," writes Dan Dupont for the Wired blog Danger Room.
“The Yemeni security forces are stretching their resources across the country as clashes kill dozens in the north, protests in the south continue and American citizens are targeted in the capital 'Sana,” writes The Media Line. Protests erupted on March 3 when youths expressed their anger over not being accepted into the army. Northerners have controlled the Yemeni government and economy, “while the impoverished southerners say they are being marginalized,” reports The Media Line.
Gen. David H. Petraeus and Ambassador Ryan C. Crocker will address Congress today and tomorrow, where they are supposed to reveal how security has gotten better in Iraq. “But unlike in September, when that news was fresh and the administration said a corner had been turned, even some of the war's strongest supporters in Congress have grown impatient and frustrated,” according to The Washington Post.
More than 400 children have been removed from the ranch of a polygamous religious sect under investigation for allegations of abuse and forced marriages to teenagers, Texas authorities reported on Monday.
Officials warn that if Charles County follows through with plans to build a four-lane highway across Mattawoman Creek in southern Maryland, one of the most fertile fish breeding grounds in the Chesapeake Bay region could be destroyed.
The “Colbert bump” is real, according to a new study, which shows that political candidates who appear on Comedy Central’s popular fake news show the “Colbert Report” actually get a boost in contributions.
A Grand Jury found that an Orange County prison was in “disarray, with deputies watching television, playing video games and taking naps while inmates were allowed to use brutality and intimidation to keep order in the cellblocks,” reports the Los Angeles Times. One inmate was beaten to death while a guard while text messaging and watching “Cops.”
Upon the arrival of the Olympic torch in San Francisco on Tuesday, protesters posted signs on the Golden Gate Bridge condemning China for its treatment of Tibet. The torch's only stop in America comes a day after demonstrators rocked Paris. “Meanwhile, International Olympic Committee president Jacques Rogge said the committee would consider ending the international leg of the Beijing Olympic torch relay because of anti-Chinese protests,” according to ABC.
Kansas defeated Memphis in overtime to win the NCAA national championship last night. After Mario Chalmers of Kansas tied the game up in a thrilling last second three pointer to force overtime, the Jayhawks came out on top by a score of 75–68.
A New Zealand man may face up to five years in prison for flinging a hedgehog at a 15-year-old boy, giving him welts. "The police spokesman said the suspect was arrested 'for assault with a weapon, namely the hedgehog,'" according to the BBC.